"Natural links and directory listings are consistant and have always been Google proof."
And so far, so have related reciprocating links.
I have never had a site have any type of issues with reciprocated links. But I only exchange links with relavant sites. You cannot say reciprocating links are bad based on "if Google decides they are manipulative". If Google thought anything was manipulative, it would stand the same fate (yes, even none reciprocated links.)
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